Economics for the Earth Blog

Robin Hood, a champion of ordinary people, made a stop in Washington, D.C. this week -- to put his hat in the ring to replace outgoing U.S. Treasury Sectary Tim Geithner, a champion of Wall Street. Mr. Hood is running on a platform of taxing Wall Street greed to pay for global need.

Throughout the duration, Robin Hood carried with him a letter to President Obama endorsed by 62 groups representing unions, religious associations, health activists, and consumer, development and environmental groups. The letter urged Obama “to nominate a candidate for Secretary of Treasury who will (1) champion a financial transaction tax and (2) dedicate the revenue raised to fund public services that keep people and the planet healthy and whole, at home and around the world.” (A copy of the letter can be found below.)

Organizations on the letter included Friends of the Earth U.S., National Nurses United, National Organization for Women, Utilities Workers Union of America, Public Citizen, Conference of Major Superiors of Men, Health GAP, Progressive Democrats of America, Main Street Alliance, ActionAid USA, Greenpeace, Food & Water Watch, National People's Action, Catholics United, Asian Pacific American Labor Alliance, and Communications Workers of America.

A last-ditch effort to submit an application at the Office of Personnel Management.

Congratulations on your re-election. As you prepare your cabinet for your second term, we urge you to nominate a candidate for Secretary of Treasury who will (1) champion a financial transaction tax and (2) dedicate the revenue raised to fund public services that keep people and the planet healthy and whole, at home and around the world.

Also known as a Robin Hood Tax, a financial transaction tax would levy a minuscule fee on financial transactions involving stocks, bonds, currency, and derivatives. This would generate hundreds of billions of dollars of new revenue to pay for desperately needed public goods -- like funds to help developing countries deal with climate change, provide healthcare and education for all, and help end the AIDS pandemic. Such taxes would also discourage the high frequency trading that, according to a recent report by the chief economist of the Commodity Futures Trading Commission, is hurting traditional investors.

This is a particularly important time for a fresh approach, now that many of our nation’s closest economic partners are moving forward on this issue. A group of 11 European countries has committed to implementing a coordinated financial transaction tax. One of them, France, has announced that a portion of its FTT-generated revenue will go toward climate and development.

By championing a Robin Hood Tax, a new Treasury Secretary would help advance your goals of strengthened international financial coordination, fair taxation, and meeting the needs of ordinary people.

We look forward to working with you to make the Robin Hood Tax a reality in your second term. We would be pleased to meet with you and your representatives to discuss these matters at your earliest convenience.

Thank you for your consideration.

Sincerely,

ActionAid USAAIDS Foundation of ChicagoAlliance for a Just SocietyAmerican Income LifeAsian Pacific American Labor AllianceCatholics UnitedCenter for Biological DiversityCenter for Community, Democracy and EcologyCenter for Economic and Social RightsCenter for Health and Gender EquityChicago Political Economy GroupCommunications Workers of AmericaConference of Major Superiors of MenConsumer WatchdogEcoEquityFarm Labor Organizing CommitteeFood & Water WatchForeign Policy in FocusFoundation EarthFranciscan Action NetworkFriends of the Earth USGADVBEGender ActionGlobal Alliance for Incinerator AlternativesGlobal Economy Project, Institute for Policy StudiesGovernment Accountability ProjectGrassroots Global Justice AllianceGreen DelawareGreenpeaceHealth GAPHIV Prevention Justice AllianceHoly Cross International Justice OfficeInstitute for Agriculture and Trade PolicyInternational Forum on GlobalizationInternational RiversJubilee USA NetworkLabor Network for SustainabilityLeft Labor ProjectMain Street AllianceMaryknoll Office for Global ConcernsNational Nurses UnitedNational Organization for WomenNational People's ActionNeighborhood Economic Development Advocacy ProjectNew Rules for Global FinanceNorthside P.O.W.E.ROil Change InternationalPeople ProjectPolis-tics, IncProgressive Democrats of AmericaPublic CitizenRainforest Action NetworkRight to the CitySisters of St. Francis of PhiladelphiaSisters of the Holy Cross Congregation Justice CommitteeStrong Economy For All CoalitionTax Justice Network USAUnited Electrical Radio and Machine Workers of AmericaUtility Workers Union of AmericaVOCAL New YorkWaterAid in AmericaWealth for the Common Good